(Hypebot) — Industry analysts MusicWatch has just released a series of music lives stream reports that show meteoric growth in a format that was barely on anyone’s radar just 6 months ago.
The new studies sized the audience for music live streaming, examined formats that were being watched and on which platforms, time spent viewing and a series of questions around discovery, type of performance preferred, and perhaps most importantly, monetization opportunities.
The audience for music live streams is now over 110 million ages 13+ in the US alone – more than listen to podcasts, CDs or downloads. During the initial months of the COVID-19 pandemic, MusicWatch found that 1 in 8 music listening hours were spent on live stream viewing
Consumers reported a very favorable experience with live streams. MusicWatch Managing Partner Russ Crupnick commented, “Nearly 3 of 4 rated the live stream experience as excellent or very good, but half of viewers also agreed that they aren’t an adequate replacement for being in person at a live performance”.
Most of the performances watched were presented by artists that viewers would have wanted to see in person. However, a small number took advantage of the virtual experience to watch artists that they weren’t aware of, demonstrating that the live stream ecosystem is helping with artist discovery.
Nearly one-third of live stream viewers would be willing to pay for live streams. MusicWatch noted the potential for a range of monetization options, from drive-in live streams to bundles with streaming subscriptions and stand-along subscriptions to live stream packages.
“It’s difficult to say whether the live stream phenomenon will last post-pandemic, but the majority of live streamers report that they’ll keep watching” Crupnick noted. “The good news is that frequent attendees to in-person shows and frequent live streamers are expecting to keep watching when live events resume”.